ES Journal Archive (2011)
- Thread starter Buy1Sell2
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Quote from Laissez Faire:
New low yes, but 1.3320 is holding up here with higher lows for now.
What happened to the good old sell-offs? Were they always this slow?
ES going down, AUD going down, Euro going down, ES DOM skew -2k.....i say we break this support and go to atleast 1161.5
Edit: We did broke the support
Quote from gmst:
turned out i was wrong. we ran into resistance at triple top!! Out from this trade for a tick loss, now reversed.
Edit: Short at 1167.25, stop 1167(now as price has moved down).....LF will tell me where should be my target
Covered at 65, realized was too early....short again at 64.25, finally covered at 62.25.
We might go down much, but I wanted to book profits above LOD.
Day low held to the tick and euro shot up.
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It`s either a bounce or a real bottom. I can say that much.
NQ actually made new lows, but quickly snapped back up, i.e. fake break.
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It`s either a bounce or a real bottom. I can say that much.
NQ actually made new lows, but quickly snapped back up, i.e. fake break.
Not necessarily a direct answer to your plight but here's food for thought (be sure not to bite off more than you can chew).
1) Let's kick off with one of those time-worn (albeit useless) tautologies that never seems to go out of fashion: Go with the flow, bro. Isn't it better to rise and fall with the trend rather than to swim against the current? As such, why is reversal so important?
2) Pullbacks happen all the time, in both uptrend and downtrend. What you fail to realize is that these temporary pullbacks are not true reversals. In a time of genuine reversal, investors panic (especially in a manic selloff) and flock to the exit en mass. This is not the case with pullbacks.
Reversal = Panic
Pullback = Buying/Selling Opportunity
3) Reversals don't occur all the time. While there may be many fake reversals, there's only one reversal. The bone of contention when dealing with reversals is that it never goes as planned or according to the script.
short 63.25, stop 66, target 58....now, i seriously hope that i am not overtrading----i thought for some time before putting in this trade; it seeems to me that we are going to break LOD. So one last bet.
Edit: Alright, we did break it, but bouncing back now.......I really dont know how to set up a target now. Frankly, my target of 58 comes from bigsnacks comment that it should go to a minimum of 57.5 or so.
Edit: Alright, we did break it, but bouncing back now.......I really dont know how to set up a target now. Frankly, my target of 58 comes from bigsnacks comment that it should go to a minimum of 57.5 or so.
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